LTC Actuarial Analyst IV - 000077

PLEASE NOTE: With limited exceptions, our company is requiring all employees to be vaccinated against COVID-19 by Jan. 1, 2022. We also currently mandate vaccinations for employees who enter our buildings. Please keep this in mind when applying for positions at our organization.

Summary:

This position provides a full scope of actuarial and statistical analysis, primarily on a project specific basis. Projects will be for both internal and external customers (finance, operations, state insurance departments, and affinity partners). The Analyst interacts with external and internal customers to assist in the development of management reports. The position provides statistical reports and analysis to the Finance Areas of the company to monitor financial performance. The incumbent supports all financial regulatory filings including Actuarial Opinion and Memorandums, rate increase filings in all 50 States and annual long term care experience reporting forms. The position proposes and assists in the development of process improvements utilizing system and software applications to full potential.

Essential Responsibilities/Accountabilities:

Level I:

• Develops actual versus expected studies with respect to mortality, morbidity and voluntary lapses.

• Supports and provides accurate data and results throughout the monthly valuation process which provides Finance, Accounting and our reinsurance partners with financial and actuarial reports on a timely basis. Participates in data preparation and analysis related to regulatory filings and audits.

• Maintains and provides policyholder information to management and external agencies.

• Provides analysis of data to support ROI calculations, financial forecasts and cash flow testing.

• Supports analysis of regulatory changes in determination of the impact on product profitability.

• Supports the development of rate increase filings nationwide.

• Develops ad hoc reports as a supplement to routine management reports through query building and data extraction.

• Proposes and assists in development of process improvements and automation within the department.

• Consistently demonstrates high standards of integrity by supporting the Lifetime Healthcare Companies’ mission and values, adhering to the Corporate Code of Conduct, and leading to the Lifetime Way values and beliefs.

• Maintains high regard for member privacy in accordance with the corporate privacy policies and procedures.

• Regular and reliable attendance is expected and required.

• Performs other functions as assigned by management.

Level II (in addition to Level I essential responsibilities/accountabilities):

• Shares knowledge with newer department employees.

• Conducts analyses for other departments on various initiatives.

• Assists in the development of actuarial analyses concerning complex issues and trends, coordinates with staff.

• Analyzes and recommends reserves for one or more blocks of business.

• Initiates and leads efforts to continually improve data capabilities and quality of department analysis and reporting.

• Draws together facts and input from a variety of sources.

• Develops analyses as assigned.

Level III (in addition to Level II essential responsibilities/accountabilities):

• Ensures pricing is consistent with established profitability targets for business segments priced in Actuarial.

• Develops rates, rating factors and rate filings. Maintains rating methods and models or formulas for LTC lines of business.

• Recommends reserves for several blocks of business. Provides and explains analysis supporting recommendation.

• Develops actuarial analyses concerning complex issues and trends, coordinating with several different disciplines and staff.

• Provides effective technical advice and support to assist management in meeting corporate goals and identifying strategy. Involves other departmental areas as needed.

Level IV (in addition to Level III essential responsibilities/accountabilities):

• Prepares rate filings in all 50 states.

• Develops actual versus expected studies with respect to actuarial assumptions for LTC.

• Initiates and leads efforts to continually improve data capabilities and quality of department analysis and reporting.

• Leads actuarial analyses concerning complex issues and trends, coordinating with several different disciplines.

• Interprets how regulatory changes affect the company and develops impact analyses.

• Provides effective technical advice and support to assist management in meeting corporate goals and strategic decision making.

• Represents the Actuarial Department on special projects involving other areas of the company or external constituents.

Minimum Qualifications:

NOTE:

We include multiple levels of classification differentiated by demonstrated knowledge, skills, and the ability to manage increasingly independent and/or complex assignments, broader responsibility, additional decision making, and in some cases, becoming a resource to others. In addition to using this differentiated approach to place new hires, it also provides guideposts for employee development and promotional opportunities.

All Levels:

• BS in Math, Economics, Actuarial Science or allied field with a minimum one year of actuarial experience required or in lieu of experience, at least one actuarial exam is required.

• Demonstrated self-motivation and initiative, as well as an ability to perform under pressure.

• Strong analytical skills, verbal and written communication skills, with a focus on serving the needs of both internal and external customers.

• Strong interpersonal skills.

• Strong organizational skills and ability to prioritize, multitask, and work in fast paced environment.

• Strong PC skills including proficiency in Microsoft Excel, Word, Cognos, Access, and Power Point required.

• Commitment to professional growth in Actuarial field as evidenced by intention of sitting for / passing the first Actuarial Exam and desire to participate in the Actuarial Study Program.

Level II (in addition to Level I minimum qualifications):

• A minimum of:

o Three years actuarial or related insurance industry experience required or

o Two years actuarial or related insurance industry experience and two actuarial exams is required.

• At least two Actuarial Exams preferred.

• Highly proficient computer skills including Excel, Word, Cognos, Access and PowerPoint.

• High level understanding of non-Actuarial functions such as Accounting, Finance, Claims, Policy Administration, Policyholder Communications, etc., and how they impact LTC operations and financials.

• Familiarity with uses of Milliman LTC Guidelines in experience studies and pricing models strongly desired.

Level III (in addition to Level II minimum qualifications):

• A minimum of:

o Six years actuarial or related insurance industry experience required or

o Three years actuarial or related insurance industry experience and four actuarial exams is required.

• At least three Actuarial Exams preferred.

• Strong ability to recognize and automate repetitive tasks.

• Ability to perform complex modeling independently.

Level IV (in addition to Level III minimum qualifications):

• A minimum of:

o Ten years actuarial or related insurance industry experience required or

o Four years actuarial or related insurance industry experience and ASA & MAAA credentials.

• Ability to perform complex modeling independently.

• Demonstrated experience with LTC rate filing in all 50 states.

• Demonstrated ability to coordinate with non-Actuarial functions such as Compliance and Communications, Accounting, Claim Operations, and Policy Administration to implement approved rate changes.

• Experience in project supervision of a college intern or entry-level actuarial student preferred.

• Demonstrated commitment to professional growth in Actuarial field (active membership in a relevant committee of the Society of Actuaries or American Academy of Actuaries preferred).

Physical Requirements:

• Position requires working from a desk most of the time.

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The Lifetime Healthcare Companies aims to attract the best talent from diverse socioeconomic, cultural and experiential backgrounds, to diversify our workforce and best reflect the communities we serve.

Our mission is to foster an environment where diversity and inclusion are explicitly recognized as fundamental parts of our organizational culture. We believe that diversity of thought and background drives innovation which enables us to provide leading-edge healthcare insurance and services. With that mission in mind, we recruit the best candidates from all communities, to diversify and strengthen our workforce.

OUR COMPANY CULTURE:

Employees are united by our Lifetime Way Values & Behaviors that include compassion, pride, excellence, innovation and having fun! We aim to be an employer of choice by valuing workforce diversity, innovative thinking, employee development, and by offering competitive compensation and benefits.

In support of the Americans with Disabilities Act, this job description lists only those responsibilities and qualifications deemed essential to the position.

Equal Opportunity Employer